(RNI) — Canola futures at the Winnipeg
Commodity Exchange finished Thursday’s session mostly higher,
with a late upturn in CBOT soybean values providing some of the
upward price momentum, market watchers said.
Activity was described as volatile, with few market players
willing to establish large positions ahead of Friday’s supply/demand
tables from the U.S. Department of Agriculture.
WCE feed wheat and western barley futures were steady to mixed
at the close.
Canola finished mainly higher after trading at mainly lower
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with commercial selling prompted by steady elevator company hedge
offers and the losses in Chicago Board of Trade (CBOT) soybean values, traders said.
Adding
to the bearish sentiment in canola had been the absence of fresh
export business and the large amount of canola in commercial
positions in Western Canada.
The losses in canola, however, were erased when soybean futures
at the CBOT rallied heading into the close. Traders said that rally
resulted in commercials turning into buyers. Adding to the strength
in canola was the pull-back in the value of the Canadian dollar and
steady domestic crusher needs.
New highs in CBOT soyoil values during the session also
There were an estimated 7,422 canola contracts traded during
Thursday’s session, up from 6,117 during the previous session.
Western barley values were mostly higher in choppy activity. A
drop-off in farmer selling helped to provide some light support, as
did the strength displayed by CBOT corn futures, traders said.
The absence of fresh end-user demand was seen as a bearish
price influence. Activity was a two-sided commercial affair.
An estimated 176 barley contracts changed hands during the
session. On Wednesday, 96 contracts were traded.
Feed wheat futures were steady to higher in quiet activity.
Traders said it only took a small amount of commercial buying to
take values up amid a lack of willing sellers.
There were 77 feed wheat contract traded Thursday. On
WCE closing prices, Nov. 8, 2007, Canadian dollars per tonne.
| Settlement | ||
| prices | Change | |
| Canola | ||
| Jan | 442.40 | up 1.10 |
| Mar | 451.70 | up 0.60 |
| Nov 08 | 457.50 | up 1.50 |
| Feed wheat | ||
| Dec | 177.00 | up 3.00 |
| Mar | 182.00 | unch |
| Western barley | ||
| Dec | 181.60 | up 0.10 |
| Mar | 196.00 | up 1.40 |
